Press Releases

Press Releases

The Economic Case for Climate Action in the United States

Main messages

Burning fossil fuels which are triggering climate change comes at a giant price tag which the U.S. economy cannot afford or sustain.

In the last decade, the annual average economic losses and damage from weather events intensify by climate change and health costs due to burning fossil fuels are about $240 billion— equal about forty percent of the current growth of the U.S. economy.

In the next decade, these costs are projected to reach at least $360 billion annually, equal to an estimated 55 percent of the U.S. growth.

Climate action outweighs the escalating economic losses and costs.

The evidence is undeniable. Recent human-induced extreme weather events are a continuation of a three decades trend of rapidly increasing numbers intensities and costs of severe storms, hurricanes, flooding, droughts and wildfires.

1. Economic losses from extreme weather events doubled in the last decade, compared to the 1990s.

2. In August and September 2017, Hurricanes Harvey, Irma and Maria caused nearly $300 billion in losses and damage. That is double the $145 billion cost of all hurricanes in the last decade.

The problem: 80% of the primary energy produced and used in the US comes from coal, oil and natural gas –all fossil fuels. As a result, 82% of the US greenhouse gas emissions are solely from CO2 from fossil fuel burning. CO2 emissions are primarily driving the observed changes in climate.